Group 1: Chemical Sector Performance - The chemical index experienced a significant increase, with the chemical raw materials index rising by 2.81%, the chemical machinery index by 1.53%, the chemical pharmaceuticals index by 3.70%, and the pesticide and fertilizer index by 1.03% [1] - In contrast, the oil index saw a decline across all categories, with the oil processing index down by 1.10%, the oil extraction index down by 1.22%, and the oil trading index down by 1.02% [1] Group 2: Oil Prices - International crude oil prices showed weakness, with the WTI crude oil futures settling at $62.80 per barrel, a decrease of 1.69% from August 8, and Brent crude oil futures settling at $65.85 per barrel, down by 1.11% [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases included liquid chlorine up by 29.05%, battery-grade lithium carbonate up by 18.57%, industrial-grade lithium carbonate up by 14.53%, folic acid up by 6.38%, and niacinamide up by 5.00% [1] - Conversely, the top five petrochemical products with price declines included butanone down by 8.91%, organic silicon DMC down by 8%, organic silicon D4 down by 7.69%, raw rubber down by 7.41%, and synthetic ammonia down by 6.95% [1] Group 4: Capital Market Performance of Chemical Companies - The top five listed chemical companies with the highest stock price increases were Shuangyi Technology up by 41.17%, Kaimete Gas up by 34.73%, Honghe Technology up by 33.09%, Weike Technology up by 31.54%, and Xinhang New Materials up by 31.43% [2] - The bottom five listed chemical companies with the largest stock price declines were Zhizheng Co. down by 13.04%, Donghua Energy down by 11.49%, Renzhi Co. down by 10%, Fengshan Group down by 8.51%, and Hehua Co. down by 8.20% [2]

Group 1: Chemical Sector Performance - The chemical index experienced an overall increase, with the chemical raw materials index rising by 2.81%, the chemical machinery index by 1.53%, the chemical pharmaceuticals index by 3.70%, and the pesticide and fertilizer index by 1.03% [1] - In contrast, the oil index saw a decline across all categories, with the oil processing index down by 1.10%, the oil extraction index down by 1.22%, and the oil trading index down by 1.02% [1] Group 2: Oil Price Trends - International crude oil prices showed weak fluctuations, with the WTI crude oil futures settling at $62.80 per barrel, a decrease of 1.69% from August 8, and Brent crude oil futures settling at $65.85 per barrel, down by 1.11% [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases included liquid chlorine up by 29.05%, battery-grade lithium carbonate up by 18.57%, industrial-grade lithium carbonate up by 14.53%, folic acid up by 6.38%, and niacinamide up by 5.00% [1] - Conversely, the top five petrochemical products with price declines included butanone down by 8.91%, organic silicon DMC down by 8%, organic silicon D4 down by 7.69%, raw rubber down by 7.41%, and synthetic ammonia down by 6.95% [1] Group 4: Capital Market Performance of Chemical Companies - The top five listed chemical companies with the highest stock price increases were Shuangyi Technology up by 41.17%, Kaimete Gas up by 34.73%, Honghe Technology up by 33.09%, Weike Technology up by 31.54%, and Xinhang New Materials up by 31.43% [2] - The bottom five listed chemical companies with the largest stock price declines were Zhizheng Co. down by 13.04%, Donghua Energy down by 11.49%, Renzhi Co. down by 10%, Fengshan Group down by 8.51%, and Hehua Co. down by 8.20% [2]

Summary of Key Points Core Viewpoint - Jiangsu Fengshan Group Co., Ltd. held a half-year performance briefing on August 19, 2025, to discuss its financial results and future strategies, highlighting significant revenue growth and ongoing projects in the agricultural chemicals and new energy sectors [1][2]. Group 1: Financial Performance - For the first half of 2025, the company achieved a revenue of 619 million yuan, representing an increase of 18.74% year-on-year [4]. - The net profit attributable to shareholders was 30 million yuan, showing a substantial rise of 235.40% compared to the previous year, driven by a recovery in the pesticide industry and successful market expansion efforts [4]. Group 2: Product and Market Development - The company reported that its pesticide categories (insecticides, herbicides, and fungicides) have been performing well, with specific revenue contributions detailed in prior disclosures [3]. - The company is actively pursuing a "second growth curve" by exploring projects in new energy electrolyte and fine chemical new materials, alongside its established pesticide business [5][6]. Group 3: Project Updates - The Hubei project commenced trial production on January 8, 2025, with products already being sold in batches, indicating progress in operational plans [5]. - The Hubei project is expected to produce various chemical products, including ortho-chlorotoluene and its derivatives, which are essential for pharmaceuticals and agricultural chemicals [9][10]. Group 4: Strategic Direction - The company aims to enhance its pesticide, new energy electronic chemicals, and fine chemical new materials sectors, focusing on quality improvement, market demand alignment, and safety management [6]. - The company anticipates that the pesticide industry will continue to grow due to increasing global food demand, emphasizing the importance of innovation and international market expansion [7]. Group 5: Research and Development - Research and development investments are focused on innovations in pesticide production processes, new product formulations, and the development of new electrolyte products for sodium-ion and lithium-ion batteries [11].

| 证券代码：603810 | 证券简称：丰山集团 | 公告编号：2025-058 | | --- | --- | --- | | 转债代码：113649 | 转债简称：丰山转债 | | 江苏丰山集团股份有限公司 关于2025年半年度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏丰山集团股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日（星 期二）上午 10:00-11:00 通过"价值在线"（www.ir-online.cn）以网络互动的方 式召开了 2025 年半年度业绩说明会。现将有关事项公告如下： 一、说明会召开情况 公司已于 2025 年 8 月 12 日在上海证券交易所网站（www.sse.com.cn）及指 定媒体披露了《关于召开2025年半年度业绩说明会的公告》（公告编号：2025-057）， 并设置征集提问环节。 2025 年 8 月 19 日（星期二）上午 10:00-11:00，公司在"价值在线" （www.ir-online.cn）以网络互动的方式召开了 ...

Group 1 - Fengshan Group (SH 603810, closing price: 15.69 yuan) announced that on August 13 and 14, 2025, it will accept investor research from Yongying Fund and others, with the company’s board secretary Zhao Qing participating in the reception and answering investor questions [2] - For the year 2024, Fengshan Group's revenue composition is as follows: chemical industry accounts for 99.47%, other businesses account for 0.44%, and agricultural products account for 0.09% [2]

证券代码：603810 证券简称：丰山集团 转债代码：113649 转债简称：丰山转债 江苏丰山集团股份有限公司 投资者关系活动记录表 编号：2025-004 | 投资者关系活动类别 | 特定对象调研 | | 分析师会议 | | --- | --- | --- | --- | | | 媒体采访 | | 业绩说明会 | | | 新闻发布会 | | 路演活动 | | | 现场参观 | | 其他：线上交流 | | | 永赢基金 上银基金 | 张杰、周超 许卓岩、张和睿 | | | | 东吴证券 | 董含星 | | | 参与单位名称及人员姓名 | 民生加银 | 李由 | | | | 东北证券 | 薛进 | | | | 申银万国 | 周超 | | | 时间 | 2025年8月13日、2025年8月14日 | | | | 地点 | 腾讯会议 | | | | | 董事会秘书 赵青 | | | | 上市公司接待人员姓名 | 证券事务代表 梁慧颖 | | | | | 一、公司基本情况介绍 二、沟通交流的主要问题： | | | | | 1、公司目前农药产品布局是怎样的？ | | | | 投资者关系活动主要内容 | ...

Market Overview - The agricultural chemical sector experienced a slight decline of 0.08% on August 13, with Fengshan Group leading the drop [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Stock Performance - Baiao Chemical (603360) saw a significant increase of 5.01%, closing at 22.00 with a trading volume of 262,900 shares and a turnover of 582 million [1] - Other notable gainers included Hongda Co. (600331) up 1.83%, Yuntianhua (600096) up 1.62%, and Chuanheng Co. (002895) up 1.26% [1] - Fengshan Group (603810) was the biggest loser, down 2.40% to 16.25 with a trading volume of 41,800 shares and a turnover of 68.53 million [2] Capital Flow - The agricultural chemical sector saw a net outflow of 507 million from institutional investors, while retail investors contributed a net inflow of 415 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remained active [2] Individual Stock Capital Flow - Hongda Co. (600331) had a net inflow of 14.28 million from institutional investors, while retail investors contributed 19.81 million [3] - Fengshan Group (603810) experienced a net inflow of 7.43 million from institutional investors but saw a significant outflow of 10.37 million from retail investors [3] - Other stocks like Hualu Hengsheng (600426) and Guoguang Co. (002749) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Financial Performance - The company reported a total revenue of 619 million yuan for the first half of 2025, representing an increase of 18.74% year-on-year [1] - The net profit attributable to shareholders reached 30.31 million yuan, a significant increase of 235.4% compared to the previous year [1] - The gross profit margin improved to 15.23%, up 85.4% year-on-year, while the net profit margin turned positive at 4.58%, reflecting a 200.12% increase [1] Quarterly Analysis - In Q2 2025, the total revenue was 297 million yuan, showing a year-on-year growth of 14.81% [1] - The net profit for Q2 was 13.94 million yuan, which is a 221.43% increase compared to the same quarter last year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 38.25 million yuan, accounting for 6.18% of revenue, a decrease of 19.55% year-on-year [1] - The company experienced a significant increase in financial expenses, up 194.83%, attributed to a decrease in interest from time deposits [3] Cash Flow and Assets - The net cash flow from operating activities decreased by 85.12%, primarily due to increased cash payments for goods [4] - The company’s cash and cash equivalents decreased by 32.21% year-on-year, indicating a reduction in liquidity [2] Debt and Liabilities - Interest-bearing liabilities increased by 19.20% to 613 million yuan, raising concerns about the company's debt levels [1] - The company’s debt ratio reached 21.89%, suggesting a need for careful monitoring of its debt situation [4] Investment and Returns - The company’s return on invested capital (ROIC) has been historically variable, with a median ROIC of 13.44% since its listing [4] - The company has recorded two years of losses since its IPO, indicating potential weaknesses in its business model [4]

Company Overview - Fengshan Group reported significant performance growth in the first half of 2025, with total revenue reaching 619 million yuan, an increase of 18.74% year-on-year; net profit attributable to shareholders was 30.31 million yuan, up 235.4% year-on-year; and net profit after deducting non-recurring items was 25.78 million yuan, an increase of 219.44% year-on-year [2] - In Q2 alone, total revenue was 297 million yuan, a year-on-year increase of 14.81%; net profit attributable to shareholders was 13.94 million yuan, up 221.43% year-on-year; and net profit after deducting non-recurring items was 11.21 million yuan, an increase of 223.18% year-on-year [2] Profitability - The company's profitability significantly improved, with a gross margin of 15.23%, an increase of 85.4% year-on-year; and a net margin of 4.58%, up 200.12% year-on-year [3] - Despite the substantial increase in gross and net margins, the operating cash flow per share was -0.95 yuan, a decrease of 85.12% year-on-year, indicating considerable pressure on cash flow [3] Cost Control - The company achieved improvements in cost control, with total selling, administrative, and financial expenses amounting to 38.25 million yuan, representing 6.18% of revenue, a decrease of 19.55% year-on-year [4] Asset and Liability Status - As of the end of the reporting period, the company's cash and cash equivalents were 405 million yuan, a decrease of 32.21% year-on-year; interest-bearing liabilities were 613 million yuan, an increase of 19.20% year-on-year; and accounts receivable were 305 million yuan, up 12.22% year-on-year [5] - Notably, the company's receivables financing increased by 155.38%, primarily due to an increase in bank acceptance bills [5] Cash Flow Status - The net cash flow from operating activities was -0.95 yuan per share, a decrease of 85.12% year-on-year, mainly due to an increase in cash paid for goods purchased [6] - The net cash flow from investing activities increased by 43.75% year-on-year, primarily due to a decrease in cash paid for fixed asset purchases [6] - The net cash flow from financing activities decreased by 60.75% year-on-year, mainly due to an increase in cash paid for debt repayment [6] Industry Background - In the pesticide sector, production showed an expansion trend, with environmental policies accelerating the elimination of high-pollution capacities, leading to increased industry concentration as large enterprises leverage financial, technical, and scale advantages [7] - The global planting area for agricultural products remained stable, and the prevalence of pests and diseases stimulated pesticide demand, particularly for insecticides due to issues like soybean rust in South America and fall armyworm in North America [7] - In the new energy electronic chemicals sector, global electrolyte production reached 1.005 million tons in the first half of 2025, a year-on-year increase of 46.71%, with China's production at 941,000 tons, up 54.57% year-on-year, supported by the rising market for new energy vehicles and energy storage projects [8] - The fine chemical new materials sector is expected to see the market capacity for chlorotoluene reach 170,000 tons in 2025, with growing export volumes primarily to Southeast Asia and India, driven by the continuous development of the pesticide and pharmaceutical industries [9] Summary - Overall, Fengshan Group achieved significant profit growth in the first half of 2025, particularly in the pesticide and new energy electronic chemicals sectors. However, the company's cash flow situation is concerning, with a substantial decrease in operating cash flow per share, necessitating close attention to future cash flow management and debt status [11]

殷凤山，曾任大丰县农化二厂厂长，1996年9月至2014年11月任丰山有限董事长，1995年12月至2007年10月期间曾兼任草庙镇党委副书 记，现任公司董事长。 | 序号 | 姓名 | 性别 | 年龄 | 学历 | 持股数(股) | 新制(元) | 职务 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 殷凤山 | 男 | 78 | 英专 | 6773 JJ | 113.4万 | ы 董事长法定代表人非独立董事 | | 2 | 殷平 | 女 | 55 | 本科 | 666.3万 | 125.0万 | الا 总裁副董事长,非独立黄學 | | 3 | 单永祥 | 男 | 52 | 本科 | 125.6万 | 218.9万 | ы . 副总裁,非独立黄事 | | 4 | 陈亚峰 | 男 | 55. | 大专 | 371.2万 | 99.44万 | 常务副总裁,非独立董事 司 | | 5 | 吴汉存 | 男 | 24 | 本科 | 0 | 100.7万 | 职工董事财务总监 bl | | 6 | 赵青 | 男 | 43 | 本科 | 0 | 58.36 ...